Thu, Sep 5, 4:56 PM (131 days ago)
For the third quarter of FY24, Photronics, Inc. reported revenues of $211.0 million, a decrease of 2.8% from Q2 FY24 and 5.9% year-over-year. This decline was attributed to reduced demand from Asia foundries and soft design activity in mainstream technologies. Gross profit margin fell to 35.6%, down from 36.5% in Q2 FY24 and 38.7% in Q3 FY23, primarily due to lower revenue impacting operational leverage. Operating income was $52.1 million, with net income attributable to shareholders at $34.4 million, reflecting a diluted EPS of $0.55. Cash and cash equivalents increased to $537.3 million, with $69.0 million in short-term investments. The company maintained strong liquidity, supported by cash from operations and available financing. Operating cash flow was stable at $193.1 million year-to-date. However, cash used in investing activities surged to $142.1 million, driven by increased capital expenditures. Looking ahead, the company anticipates continued volatility in the semiconductor market, with potential impacts on future revenues and profitability. Management remains focused on strategic investments to align with customer technology roadmaps while navigating these uncertainties.